Office Depot Inc., which acquired OfficeMax last year, is planning to close 400 U.S. stores to reduce overlap as the company tries to position itself to compete with e-retailers, mass market chains and drugstores.

Shares of Office Depot, which also reported better-than-expected quarterly results, rose as much as 20 percent in early trading. The stock was among the highest percentage gainers on the New York Stock Exchange on Tuesday.

The combined company operated about 2,200 stores as of December, employing 66,000 associates and bringing in about $17 billion in revenue. By the end of March the company said it had 1,900 U.S. stores. That's expected to drop to 1,500 by 2016.

The company said it expects to close 150 stores this year, 14 of which closed during the first three months of 2014.

Connecticut has two Office Depot locations in West Hartford and Wethersfield. Staff at the West Hartford location said there were no plans to close that location and a worker at the Wethersfield location declined to comment.

The company also has OfficeMax locations in Fairfield, Waterbury and Brookfield. Workers at those stores deferred to the corporate headquarters for comment.

Company spokeswoman Karen Denning said the company does not have a list of stores scheduled to close.

Office Depot also reported Tuesday that it lost money in the most recent quarter, but reported higher sales and an improved profit forecast due to cost-cutting efforts, including the planned store closures.

The total store closures will save the company at least $75 million a year by the end of 2016 and will start adding to profit in 2015, it said.

Naperville-based OfficeMax merged with Office Depot in November, just days after securing regulatory approval for the blending of the nation's second- and third-largest office supply retailers.

The combined company is headquartered in Boca Raton, Fla.

Courant staff writers Matthew Sturdevant contributed to this report.